Following are the ratios relating to the trading activities of an organisation: Gross Profit for the year
Question:
Following are the ratios relating to the trading activities of an organisation:
Gross Profit for the year ended 31st March, 2016 was ₹ 7,50,000. Inventories as on 31st March, 2016 was ₹ 30,000 more than it was on 1st April, 2015. At the end of the year Bills Payable and Bills Receivable were ₹ 45,000 and ₹ 50,000 respectively and Bank Overdraft was ₹ 1,10,000. Make necessary assumptions that you think. Prepare the Statement of Proprietory Fund for the year ended 31st March, 2016.
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Step by Step Answer:
To prepare the Statement of Proprietary Fund for the year ended 31st March 2016 we need to calculate the change in the owners equity proprietary fund during the year We can use the provided ratios and ...View the full answer
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Related Book For 
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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